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Devendra Fadnavis-led Govt Unveils Plans for Innovation City, Focuses on Tier-2 and Tier-3 Start-Ups

To support start-ups in smaller cities, the government has announced a INR 200 crore fund.

Devendra Fadnavis-led Govt Unveils Plans for Innovation City, Focuses on Tier-2 and Tier-3 Start-Ups
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The Maharashtra government is set to establish an innovation city inspired by Gujarat’s GIFT City. Chief Minister Devendra Fadnavis made this announcement during National Start-Up Day celebrations on Thursday, January 16. The city will focus on start-ups and projects in the innovation sector. 

To support start-ups in smaller cities, the government has announced a INR 200 crore fund. This fund will prioritise Tier-2 and Tier-3 cities. A memorandum of understanding (MoU) has been signed with the Small Industries Development Bank of India (SIDBI) for the fund. 

Previously, such funds were available only in Mumbai. Fadnavis said that many successful start-ups are led by people from smaller cities. He said that this fund will help start-ups across the state. 

Fadnavis also highlighted that divisional centers across Maharashtra will now have access to INR 30 crore each for supporting start-ups. He also revealed plans to introduce a new start-up policy. A draft will be shared soon, and the final version is expected within two months. The chief minister promised that it would be the most advanced start-up policy in the country. 

Fadnavis also talked about the state’s fund of funds (FoF) for the defense sector. This fund supports 300 start-ups and MSMEs. 

During the event, Fadnavis reaffirmed Maharashtra's position as India’s start-up leader. He noted that investments in start-ups in the state had grown by 154% in the past year. Maharashtra is home to the most start-ups and attracts the highest investments. Cities like Mumbai, Pune, Nagpur, Nashik, and Chhatrapati Sambhaji Nagar show this growth. 

Fadnavis also referred to Gujarat’s GIFT City, India’s first operational smart city and financial hub, as the inspiration for the new innovation city. During his earlier term as chief minister, he had advocated for such a hub at the Bandra Kurla Complex (BKC) in Mumbai. 

He also recalled past controversies when Maharashtra’s proposal for an international finance center was allegedly sidelined in favor of GIFT City. 

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